Seemingly resigned to the reality that the Biden administration in Washington is not about to perform a volte face from the economic sanctions that have strangled international oil sales and effected a serious body blow to his country’s economy, President Nicolas Maduro is in the process of embracing China as a key ally in a broader quest to attract investment to Venezuela’s oil industry and hopefully open the door to a share of a global market.
Reports from Caracas indicate that engineers from the China National Petroleum Corporation (CNPC), no strangers to the Venezuelan oil industry, along with Chinese commercial staff will returning there reportedly to oversee maintenance on Venezuelan oil infrastructure and also to join forces with the state-owned oil company, PDVSA in an effort to raise production level.
